Tax audit - Capital gain on shares trading
This query is : Resolved
25 June 2022
Dear Sir / Madam,
During FY 2021-22,Mr A was earning professional income. Besides this, he was also trading in shares.
The sales value of shares trading is as follows:
Speculation - Rs. 18,46,034/-
Short Term - Rs. 1,97,70,738/-
Long Term - Rs. 1,71,863/-
============================
Total Sales value / Turnover - Rs. 2,17,88,634/-
Will he be liable for Tax audit in this case?
Secondly, what if Sale value of Short term trading alone exceeds Rs. 2 Crore, will the tax audit be applicable then?
Kindly guide.
Thanks & Regards,
Suraj
During FY 2021-22,Mr A was earning professional income. Besides this, he was also trading in shares.
The sales value of shares trading is as follows:
Speculation - Rs. 18,46,034/-
Short Term - Rs. 1,97,70,738/-
Long Term - Rs. 1,71,863/-
============================
Total Sales value / Turnover - Rs. 2,17,88,634/-
Will he be liable for Tax audit in this case?
Secondly, what if Sale value of Short term trading alone exceeds Rs. 2 Crore, will the tax audit be applicable then?
Kindly guide.
Thanks & Regards,
Suraj
26 June 2022
Show gains on short term and long term trading as capital gains short term and long term.
Tax audit not applicable.
Tax audit not applicable.
Message likes :
1 times
26 June 2022
You are welcome..
...
...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
